Carrington news

CARN said it instituted cutbacks expected to save $1.3 million annually and will focus on clinical development of carbohydrate-based therapeutics and its wound care business. The Irving, Texas, company cut eight positions, leaving 240 employees, and will close its Belgium office, consolidate its European R&D activities, standardize products, eliminate unprofitable lines and implement a bar coding system.

The company said it probably will take a yet-to-be-determined restructuring charge in its second quarter ended May 31. CARN has $1 million in cash and has access to a $3 million line of credit. ...